Disbarred securities lawyer gets 30 months, must pay $1.95M to IRS in tax case
A disbarred New York securities lawyer who subsequently moved to Florida has been sentenced to 2½ years in prison and ordered to pay $1.95 million to the Internal Revenue Service in a federal tax-evasion case.
Paid in part in stock options for working as outside counsel to a corporation, William J. Reilly, 62, liquidated some of the options in 1997 for $1.6 million and used the money to complete three real estate deals, according to the Palm Beach Post and the South Florida Sun Sentinel. Only one property was in his own name.
Prosecutors said Reilly also used law firm and shell corporation accounts to receive personal income and pay personal expenses, and he had some personal expenses paid directly by those who owed him money.
The news articles don’t include any comment from Reilly or his legal counsel. He pleaded guilty in the tax evasion case earlier this year.
Related coverage:
ABAJournal.com: “Disbarred securities lawyer pleads guilty to evading $1.5M in taxes”
